Sanctions Screening
Stay compliant with global regulations. We identify restricted entities, ensuring your business avoids penalties and reputational risks.
Protecting Your Business from Financial Crime
In an increasingly complex regulatory environment, Sanctions Screening is a critical component of an effective Anti-Money Laundering (AML) and Counter-Terrorist Financing (CTF) strategy. At Stratify, we offer comprehensive Sanctions Screening services to help your business identify and manage risks associated with financial sanctions, ensuring compliance with UAE regulations and safeguarding your operations from potential legal and reputational damage.
What is Sanctions Screening?
Sanctions Screening involves checking your business transactions, customers, and counterparties against lists of individuals, organizations, and countries subject to international sanctions. These sanctions are imposed by governments and international bodies to prevent money laundering, terrorism financing, and other financial crimes. Sanctions lists typically include entities involved in illegal activities, such as terrorism, drug trafficking, and human rights violations
Key Aspects of Sanctions Screening
Screening Against Sanctions Lists
International Lists: Monitor and screen transactions and customer data against global sanctions lists, including those published by the United Nations, the European Union, and the United States Office of Foreign Assets Control (OFAC)
Local Lists: Ensure compliance with UAE-specific sanctions lists, such as those issued by the UAE’s Federal Tax Authority (FTA) and other relevant authorities
Transaction Monitoring
Real-Time Screening: Implement systems to screen transactions in real-time to identify any potential matches with sanctioned entities
Flagging Suspicious Activity: Flag and investigate transactions involving individuals or organizations listed on sanctions lists
Customer Due Diligence
Initial Screening: Conduct sanctions screening during the customer onboarding process to ensure new clients are not subject to sanctions
Ongoing Monitoring: Regularly screen existing customers to detect any changes in their status or involvement in sanctioned activities
Compliance and Reporting
Documentation: Maintain detailed records of all sanctions screening activities and results to demonstrate compliance with regulatory requirements
Reporting Obligations: Report any suspicious activities or transactions involving sanctioned entities to the relevant authorities
Our Sanctions Screening Services
Comprehensive Screening Solutions
We offer end-to-end sanctions screening services, including real-time monitoring and periodic reviews to ensure your business remains compliant with all relevant sanctions regulations
Customized Screening Framework
Develop and implement a customized sanctions screening framework tailored to your business’s specific needs, risk profile, and regulatory requirements.
Integration with Existing Systems
Integrate sanctions screening solutions with your existing compliance and transaction monitoring systems for seamless and efficient operations
Risk Assessment and Mitigation
Assess the potential risks associated with your business activities and transactions, and implement measures to mitigate those risks effectively
Regulatory Compliance Support
Ensure that your sanctions screening practices are aligned with UAE regulations and international standards. We provide guidance on maintaining compliance and addressing any regulatory changes
Training and Awareness
Provide training to your staff on sanctions screening procedures and best practices to ensure they are equipped to handle compliance effectively
Why Choose Stratify for Sanctions Screening?
Expertise and Experience
Our team of AML professionals has extensive experience in sanctions screening and regulatory compliance. We bring deep knowledge of UAE and international sanctions regulations to your business.
Tailored Solutions
We offer customized solutions designed to meet the specific needs of your business, ensuring that your sanctions screening practices are effective and aligned with your risk profile
Accuracy and Efficiency
We prioritize accuracy and efficiency in all our services. Our advanced screening tools and processes ensure that you can identify and manage risks promptly and effectively.
Client-Centric Approach
At Stratify, client satisfaction is our top priority. We work closely with you to understand your needs and provide proactive support throughout the sanctions screening process.
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Our Other Anti-Money Laundering Services
Our Services
Stratify Corporate services is an independent and international organisation with a specialization in crafting sustainable solutions and strategies
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Excise Tax
We assist businesses in understanding and complying with excise tax regulations, including registration, filing, and audit preparation.
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Accounting Outsourcing
Streamline your financial operations by outsourcing your accounting needs, from bookkeeping to financial reporting, for efficient management.
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Company Formation
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Audit & Assurance
Our audit and assurance services provide reliable financial insights, ensuring transparency and compliance with regulatory requirements.
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Economic Substance
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Protect your business by staying compliant with UAE’s AML regulations, with risk assessments, monitoring, and reporting solutions.
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Frequently Asked Questions
What is Sanctions Screening?
Sanctions Screening involves checking transactions, customers, and counterparties against lists of individuals, organizations, and countries subject to financial sanctions to prevent involvement in illegal activities
Why is Sanctions Screening important?
Sanctions Screening is crucial for preventing financial crime, ensuring regulatory compliance, and protecting your business from potential legal and reputational damage.
What sanctions lists are used for screening?
Screening involves checking against international sanctions lists (e.g., UN, EU, OFAC) and UAE-specific sanctions lists issued by local authorities
How often should sanctions screening be performed?
Sanctions screening should be performed during customer onboarding and regularly for ongoing monitoring of existing customers and transactions.
What happens if a match is found during sanctions screening?
If a match is found, the transaction or customer relationship should be investigated further. You may need to report suspicious activities to the relevant authorities
Can Stratify assist with sanctions screening?
Yes, Stratify provides comprehensive sanctions screening services, including real-time monitoring, risk assessment, regulatory compliance support, and training for your staff
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Conclusion
For expert assistance with Sanctions Screening and to ensure your business remains compliant with UAE AML regulations, contact Stratify today. Our team is dedicated to providing you with the highest level of support and expertise in managing financial crime risks.
